HomeMy WebLinkAbout1985-013-01/15/1985-ESTABLISHING A $500,000 SPENDING LIMIT TO THE STREET OVERSIZING LINE-OF-CREDIT RESOLUTION 85- 13
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ESTABLISHING A $500,000 SPENDING LIMIT
TO STREET OVERSIZING LINE-OF-CREDIT
WHEREAS, the City Council of the City of Fort Collins has approved
in Ordinance No. 197, 1984 a Street Oversizing Line-of-Credit with First
Interstate Bank of Fort Collins in the amount of Two Million Dollars
($2,000,000.00) ; and
WHEREAS, the City Council wishes to establish a method whereby draws
upon the Line-of-Credit will not be made in excess of Five Hundred Thousand
Dollars ($500,000.00) without City Council approval .
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the maximum amount that the City of Fort Collins shall draw
upon the Line-of-Credit for Street Oversizing established by Ordinance No.
197, 1984 shall not exceed Five Hundred Thousand Dollars ($500,000.00)
unless such action is approved by the City Council .
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 15th day of January, A.D. 1985.
Mayo/
ATTEST:
1
tty Clerk